With the rising acceptance of renewable energy sources as a means to derive power, thermal energy storage market has emerged as one of the top-notch verticals of the sustainable ecosphere. The demand can also be cited to be driven by the reducing dependency on fossil fuels as an energy source, primarily due to their innumerable hazardous impacts on the environment. As per reliable reports, primary energy consumption is expected to rise by more than 45% by 2040. It is rather obvious that thermal energy storage which plays a balance between the growing energy demand and the need to address the environmental interruptions will constitute a major ratio of the sustainable energy mix. —
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Thermal energy storage market by molten salt, in 2017 was valued over USD 9 billion. Rising consumer focus toward energy efficiency complemented by the implementation of energy storage programs will positively influence the industry growth. Increasing demand for large scale energy storage across various commercial and industrial establishments along with the adoption of CSP plants will further stimulate the product penetration.
Advancements in the materials and manufacturing technology for the development and deployment of storage systems will drive the thermal energy storage market. Enhanced efforts to limit the fuel-based power generation complemented by the introduction of solar power generation schemes across developing economies will further enhance the product penetration.
Increasing stringency toward limiting carbon footprint coupled with rising focus on sustainable technology adoption will stimulate the thermal energy storage market growth. Furthermore, rising demand for energy storage technologies on account of mitigating the power demand and supply mismatch will propel the business landscape.
The U.S. thermal energy storage market was over USD 6 billion in 2017. Consumer awareness and inclination toward renewable based power generation along with massive investments toward research & development programs will accelerate the industry growth. In 2017, the country accounted for the installation of energy storage systems of around 41.8-megawatt capacity, depicting 46% year-on-year growth. In addition, utilities through 14 states employed energy storage of nearly 2 gigawatts under Integrated Resource Planning (IRP).
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Government focus toward the provision of cost efficient and uninterrupted power supply along with surging demand from remote and off grid areas will boost the thermal energy storage market. Increasing demand for HVAC systems coupled with ongoing investments toward infrastructure development will further complement the industry landscape.
With heating and cooling using approximately half of Europe’s energy, the demand of thermal energy storage industry in the region is estimated to be substantially high over the coming years. As per European Association for the Storage of Energy, 50% of all final consumed energy in Europe is used to heat buildings or water. Out of this, 85% still comes from fossil fuels, hinting toward the potential opportunities which are yet unexplored in the region. Add to this, the regulatory landscape aggressively boosting the demand for renewable integration to attain the vision of a decarbonized economy will further provide a substantial impetus to Europe thermal energy storage market.
China thermal energy storage market is set to grow on account of government incentives to promote the adoption of renewable energy sources. Introduction of sizeable solar farms to meet the growing energy consumption along with the implementation of CSP pilot projects to encourage energy efficiency will stimulate the industry outlook.
Browse key industry insights spread across 425 pages with 606 market data tables & 35 figures & charts from the report, “Thermal Energy Storage Market Size By Storage Material (Water, Molten Salt, PCM), By Technology (Sensible Heat, Latent Heat, Thermochemical), By Application (Power Generation, District Heating & Cooling, Process Heating & Cooling), By End-Use (Residential & Commercial, Industrial, Utility), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Sweden, Spain, Ireland, Denmark , Greece Cyprus ,China, India, Australia, UAE, South Africa, Morocco, Tunisia, Kuwait, Saudi Arabia, Israel, Namibia, Chile) Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 5 Thermal Energy Storage Market, By Technology
5.1 Global market share by technology, 2017 & 2024
5.2 Sensible heat
5.2.1 Global market from Sensible heat, 2013 – 2024
5.2.2 Global market from Sensible heat, by region, 2013 - 2024
5.3 Latent heat
5.3.1 Global market from latent heat, 2013 – 2024
5.3.2 Global market from latent heat, by region, 2013 - 2024
5.4.1 Global market from thermochemical, 2013 – 2024
5.4.2 Global market from thermochemical, by region, 2013 - 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/thermal-energy-storage-market
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